58.com Receives Preliminary Non-Binding 'Going-Private' Proposal

58.com, 4/02/20

Chinese online classifieds site 58.com (NYSE: WUBA) today announced that it has received a preliminary non-binding proposal letter today from Ocean Link Partners Limited to acquire all of the outstanding ordinary shares of 58.com, including Class A ordinary shares represented by American depositary shares ("ADSs," each representing two Class A ordinary shares), for USD 27.5 in cash per Class A or Class B ordinary share, or USD 55.0 in cash per ADS.

According to the proposal letter, Ocean Link Partners intends to fund the consideration payable in the transaction primarily with equity capital from Ocean Link Partners and any additional members Ocean Link accepts into a consortium of buyers, and possibly debt capital.

The proposal represents a premium of 17.8% to 58.com's last closing price on April 1, 2020 and a premium of approximately 17.1% to the volume-weighted average closing price during the last 15 days.

Editor's Note: To view 58.com's official announcement regarding the "going-private" proposal, please click here.

Keywords: Internet online classifieds 58.com WUBA Ocean Link M&A

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